Your assistant prepared the following bank reconciliation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconciliation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 Add: $ 9,500 Electronic Fund Transfer Deposit in transit $1,060 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance 10 see 1, Bee 36 2,346 $10,669 9,359 $ 1,310 Balance per bank statement Discrepancy

Your assistant prepared the following bank reconciliation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconciliation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 Add: $ 9,500 Electronic Fund Transfer Deposit in transit $1,060 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance 10 see 1, Bee 36 2,346 $10,669 9,359 $ 1,310 Balance per bank statement Discrepancy

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 21E

See similar textbooks

Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
Minor Company had cheques outstanding totaling $19,200 on its April bank reconciliation. In May, Minor Company issued cheques totaling $64,900. The May bank statement shows that $47,600 in cheques cleared the bank in May. A cheque of $300 from one of Minor Company's customers was also returned marked "NSF (Non-sufficient fund)." The amount of outstanding cheques on Minor Company's May bank reconciliation should be Select one: A. $17,300 B. $28,400 C. $66,800 D. $36,500
ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information are as follows: A customer check amounting to P60,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance. Another customer check for P200,000 deposited on December 28, 2020 was included in the checkbook balance but returned by bank on December 30 2020 for insufficiency of fund. It was redeposited on January 2, 2021 and was cleared 3 days after. A P690,000 check payable to supplier dated and recorded on December 30, 2020 was delivered to payee on January 5, 2021. What amount should be reported as “cash” on December 31, 2020?
In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: Balance per bank statement, 8/31/22, P18, 050 Return of customer's check for insufficient funds, 8/29/22, P600 Outstanding checks, 8/31/22, P2, 750 Deposit in transit, 8/31/22, P3,250 Bank service charges for August. P100 Check disbursement recorded in August (correct amount is P5,000), P500 AA deposited P15,000 in August but credited by bank at, P1,500 What is the unadjusted balance per book on August 31, 2021?
The check book balance of CCC Company on December 31,2020 was P4,000,000.Data about certain cash items follow.  A customer amounting to P200,000 dated January 2,2021 was not included inthe December 31,2020 checkbook balance.  Another customer check for P500,000 deposited on December 22,2020 wasincluded in its checkbook balance but returned by the bank forinsufficiency of fund. The check was deposited on January 5, 2021 andcleared two days.  A P400,000 check payable to supplier dated and recorded on December30,2020 was mailed on January 16,2021.  A petty cash fund of P50,000 with the following summary on December31,2020:Coins and Currencies 5,000Petty cash vouchers 43,000Return value of 20 cases of soft drinks 2,00050,000  A check of P43,000 was drawn on December 31,2020 payable to petty cash. The check book balance of CCC Company on December 31,2020 was P4,000,000.Data about certain cash items follow.  A customer amounting to P200,000 dated January 2,2021 was not included inthe…
In preparing its March 31, 2020 bank reconciliation, Blue Devil Inc. has available the following information: Balance per bank statement, 03/31/2020 $18,650 Deposit in transit, 03/31/2020 3,900 Return of customer's check for insufficient funds, 03/31/2020 600 Outstanding checks, 03/31/2020 2,750 Bank service charges for March, 2020 100 Required: Identify which type of adjustment is needed for each of the following four transactions. The four types of adjustments include: (A) Add to the book balance; (B) Deduct from the book balance; (C) Add to the bank balance; and (D) Deduct from the bank balance. I. Deposit in transit, 03/31/2020 II. Return of…
Use the following information that was drawn from the books of Ralesego as on 31December 2020 to draw the bank reconciliation statement. Details Amount ‘Pulas’Cash at bank as per cashbook bankcolumn 2,910Unpresented Cheques 730 Bank lodgments 560Credit transfers appearing in the bank 340statement but not entered in the cashbookCash balance as per bank statement 3,420
On 30 September 2022, Piston Limited had a balance in its ‘Cash in Bank’ general ledger account of $13,034.30 debit. The bank statement from ANZ bank on that date showed a credit balance of $19,495.00. A comparison of the September 2022 bank statement with the ‘Cash in Bank’ general ledger account and the bank reconciliation for August 2022 revealed the following facts (ignore GST): Ref: (1) Electronic Funds Transfers (EFTs), totalling $1,770.10, from the August 2022 bank reconciliation has still not been presented to the bank. (2) Cash sales of $2,945 on 20 September 2022 were deposited in the bank. The general journal entry was incorrectly recorded as $2,954. Piston Limited’s bank statement showed the correct amount of $2,945 was recorded. (3) From the review of the September 2022 cash journals, it was established that outstanding EFTs totalled $3,567.10, and outstanding deposits were $1,190.40. (4) On 24 September 2022 Piston Limited made a payment (EFT…
17. In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: Balance per bank statement, 8/31/22, P18, 050 Deposit in transit, 8/31/22,P3, 250 Return of customer’s check for insufficient funds, 8/29/22, P600 Outstanding checks, 8/31/22, P2, 750 Bank service charges for August, P100 Check disbursement recorded in August (correct amount is P5,000), P500 AA deposited P15,000 in August but credited by bank at, P1,500 What is the unadjusted balance per book on August 31, 2021?